On January 21st, Altus Group State & Local Tax and Advisory hosted the second-annual breakfast panel of real estate industry trend-setters in a discussion regarding two marquee redevelopments in Tysons.
Panelists agreed that the vision to turn Tysons (formerly known as “Tysons Corner”) from a strictly nine-to-five place to work into a livable community to work and play is already coming to fruition.
These two marquee developments, located near the newly opened Greensboro and Tysons Corner Metro stations on the Silver Line, are prime examples of this long-term vision already being realized.
During the packed gathering at the Ritz Carlton in Tysons, Gary Block, Partner and Managing Director with The Meridian Group; Anthony Chang, Senior Director of Asset Management with Washington REIT; Barbara Byron, Director, Office of Community Revitalization, Fairfax County; and Jake Katz, Managing Director, Tenant Representation with JLL, discussed the two transit-oriented mega-projects, and the challenges and opportunities that transforming Tysons faces in an extremely competitive region.
These include the nearly completed renovation of the former SAIC headquarters campus at the Greensboro Metro stop by The Meridian Group called Greensboro Station. The company acquired the property in late-July 2013, and entered into a long-term contract to purchase the adjacent 15 acres.
“You’ve heard a lot of people talk about changing Tysons from a car-dependent suburban office park to a true urban downtown,” said Gary Block. “We are actually doing this with our project. Our 15 acre site affords us with the scale to provide for a true — live, shop, dine, visit, play, work and commute environment.”
The Washington REIT project, Silverline Center at 7900 Westpark Drive, is located at the Tysons Corner Metro stop. With the help of award-winning design firm Hickok Cole, the company is creating an open, collaborative environment on the interior to go along with a stunning shell to enhance the skyline, with all top flight amenities just steps from the Metro.
Ross Litkenhous, Senior Director, Altus Group State & Local Tax and Advisory, moderated the panel and fostered a robust discussion amongst the panelists.
Based on the insights from the event, it is clear that the vision to transform Tysons into a livable and workable area is becoming reality with these marquee transit-oriented projects. It can now rival any area locally and nationally when it comes to residential and commercial real estate growth.
To access an audio recording of the event, click here.